Cuban Economy

A detailed Summary of Cuban Economy

Although the Cuban economy may be thought of as to some as a complete

failure, the command system structure can still be an effective way of creating a

successful economy, if the correct steps are taken in it's planning. From the 1960's

revolution to the 1990's collapse of russia, the soviet union managed to maintain the

Cuban economy by trading them sugar in return for oil

(http://lanic.utexas.edu/la/cb/cuba/asce/cuba1/panel.html). The USSR paid "higher than

market prices" for Cuban cane, and Cuba paid "lower than market prices" for Russian

petroleum products. This arrangement which Cuba benefited from, allowed Castro to

provide benefits to the citizens such as higher education, free total medical care, and

subsidized food and housing. Now, ever since the deal with the Soviet Union has

collapsed, the Cuban economy has fallen by 35% from 1989 to 1993

(www.odci.gov/cia/publications/factbook/index.html). Instead of the island being

maintained or enhansed, it is barely be sustained. Although the lack of aid from the

Soviet Union has had a great influence in the Cuban economy, it still has some hope

because of increased tourism, agricultural trade and additional US dollars.

international debate surrounding the adoption and implementation of the Helms-Burton

In 1996, an act to seek international sanctions against the Castro government in

from European firms and Mexico enabled Havana to increase it's imports.

income that each citizen receives. In Cuba, each working age citizen is "given" a job

control, they can decide who recieves what share of the economic pie. Unfortunatly, this

become part of the international economy. The US policy inevitably shapes and will

continues to discuss the concern of the growing number of the self-employed, and the

that could have been successful if the correct steps and desicions were made. Instead, the

Approximate Word count = 921
Approximate Pages = 4 (250 words per page double spaced)

Category: Foreign

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